CURRENT AFFAIRS

Detailed explanation-1: -Mumbai: Kishore Biyani-led Future Group on Thursday evening said that American e-commerce giant Amazon.com is acquiring a 49% stake in a group entity - Future Coupons Ltd.

Detailed explanation-2: -Future Group is an Indian conglomerate, founded by Kishore Biyani and based in Mumbai. The company is known in Indian retail and fashion sectors, operating supermarket chains Big Bazaar and Food Bazaar, lifestyle stores Brand Factory and Central, integrated foods and FMCG manufacturing sectors.

Detailed explanation-3: -Biyani reportedly wants to hold on to group companies such as Future Consumer and Future Supply Chain. Biyani was once hailed as the Sam Walton of India. But even three decades after the American billionaire died at 74, his retail enterprise Walmart remains the biggest retail company anywhere in the world.

Detailed explanation-4: -Since February, Reliance Retail has taken control of 947 stores of the Future group after the latter’s lease agreement expired. Reliance later rebranded some of the stores as “Smart Bazaar” – a grocery retail chain of the Mukesh Ambani-owned company.